eBook & Print Question 7 Partially correct Mark 25.00 out of 31.00 Flag question Identifying and Analyzing Financial Statement Effects of Stock Repurchase and Dividends Quinn Company has outstanding 20,000 shares of $10 par value common stock that was issued for an average of $24 per share. It also has $411,200 of retained earnings. The company repurchases and retires 1,600 shares at $32 per share. Near the current year-end, the company declares and pays a cash dividend of $1.80 per share. Use the financial statement effects template to record (a) the share repurchase and (b) the dividend transaction. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. ($ in millions) Balance Sheet Income S Cash Contrib Earned Transaction Asset Noncash Assets = Liabilities Capital Capital Revenues (a) Share repurchase 0 X OV= OV 0 x 0 X ov - Cash N/A 4 N/A Common stock Retained Earnings VN/A N/A 0 X Additional Paid-in Capit (b) Dividend payment 0 x OV = OV OV O X Ov - Cash + v N/A N/A N/A Retained Earnings VN/A N/A